Economia. Mixed Economy

Author Adam Smith David Ricardo Karl Marx Thomas R. Malthus John Maynard Keynes Milton Friedman

Nationality Kirkcaldy Scotland England Germany England England USA

Lived from 1723-1790 1772-1823 1818-1883 1766-1834 1883-1946 1912-2006

Major contribution Considered the father of modern economics. *The theory of rent

*The concept of comparative advantage.

Marxism highlight the relationship between food supply and population Keynesian economics,

Mixed Economy

His work on macroeconomics and for his advocacy of laissez-faire capitalism.

Important concepts and definitions *Invisible Hand Theory

*Laissez-faire philosophies; free market forces should determine prices, production, wages, and other key elements of the economy. At the opposing pole of laissez-faire economics are command economy systems where government controls all means of production. Taxation refers to the act of a taxing authority actually levying tax. Taxation as a term applies to all types of taxes, from income to gift to estate taxes. It is usually referred to as an act; any revenue collected is usually called "taxes."

MARXISM; actions and human institutions are economically determined, that the class struggle is the basic agency of historical change, and that capitalism will ultimately be superseded by communism He believed population would expand to the limit of subsistence and would be held there by famine, war, and ill health. Keynesian Economics:

Keynesian economics is often seen as the opposite of laissez-faire economics. Laissez-faire economic theory is based on the belief that markets and the private sector can operate well on their own, without state intervention

Mixed Economy

He thought it would be beneficial for the government to use fiscal and monetary measures to mitigate the negative impact of economic recessions, depressions and booms.

Monetarism

Monetarism is a school of economic thought that emphasizes the role of governments in controlling the amount of money in circulation. It is the view within monetary economics that variation in the money supply has major influences on national output in the short run and the price level over longer periods and that objectives of monetary policy are best met by targeting the growth rate of the money supply

Books or publications

1-Theory of Moral Sentiments

2-An Inquiry into the Nature and Causes of the Wealth of Nation

Principles of Political Economy and Taxation The Communist Manifesto

Marx wrote extensively about the economic causes of this process in Capital. Volume one was published in 1867 and the later two volumes, heavily edited by Engels, were published posthumously in 1885 and 1894.

In 1798 he published

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